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CIBC Economics

Clearly financial markets are giving thumbs down to what Donald Trump announced in terms of global tariffs on April 2nd.
And while Canada escaped additional tariffs beyond what we already are facing on sectors like auto, steel, aluminum and lumber, our own economy is still vulnerable to a global economic downturn that now seems to be threatened by very high tariffs that the Trump administration imposed on the rest of the world.
Ultimately, our hope is that some of the financial market repercussions of that announcement and the repercussions for the US economy are going to see some pushback against these tariffs from US business leaders and ultimately from American consumers facing much higher prices on the imported goods they buy.
And we&#8217;re going to need that reaction in order to bring the Trump administration to the negotiating table, hopefully making a deal with Canada and other countries to dial down this current threat to global economic trade.

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How will recent reciprocal tariff announcements impact the Canadian and global economic outlook?

How will recent reciprocal tariff announcements impact the Canadian and global economic outlook?

CIBC Economics

Avery Shenfeld

Managing Director and Chief Economist

CIBC Capital Markets